H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board o£ (Jovernors Friday morning July 3; of "the Federal Reserve System f not earlier. July 2, 1936 CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended July l as reported by the Federal Reserve banks, was $2,^73,000,000, t a decrease of $5,000,000 compared with the preceding week and of $2,000,000 compared with the corresponding week in 1935* * On July 1 total Reserve bank credit amounted to $2,^73,000,000,- an increase of $1,000,000 for the week, tfhis increase corresponds with increases of $77,000,000 in money in circulation and $281,000,000 in member bank reserve balances, and a decrease of $2,000,000 in Treasury and national bank currency, offset in part by an increase of $12,000,000 in monetary gold stock and a decrease of $3^5,000,000 in Treasury cash and deposits with Federal Reserve banks. Member bank reserve balances on July 1 were estimated to be approximately $2,670,000,000 in excess of legal requirements* Changes for the week in the holdings of Government securities of individual Federal Reserve banks resulted from the transfer of all Government securities previously held in the separate investment accounts of these banks to the System Open Market Account and the reallocation of participations in this account among the Federal Reserve banks. The total holdings of Government securities of the Federal Reserve banks remain practically unchanged* Since the reserve ratios of individual Federal Reserve banks do not reflect conditions in the several Federal Reserve districts because most of the earning assets of the Federal Reserve banks consist of Government securities bought in the open market at the direction of the Federal Open Market Committee, the individual ratios of the several Federal Reserve banks are eliminated from the weekly statement of condition* The ratio of total reserves to Federal Reserve note and deposit liabilities will continue to be shown in the consolidated statement of assets and liabilities of all of the Federal Reserve banks combined* Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended July 1, 1936, were as follows: Increase or decrease since July 1 June '2k July 3 JSiL 1936 1935 (in millions of dollars) Bills discounts 4 -2 J+ Bills boioght 3 -2 U. S• (kwormmxt securities 22,,^^3300 — -1 Industrial advances (not including million commitments - July l) 30 +8 Other Reserve bank credit 5 +3 TOTAL RESERVE BANK CREDIT 2,^73 +1 +5 Monetary gold stock 10,612 +12 +1,1+53 Treasury and national bank currency 2,1+98 -2 -6 Money in circulation 6,250 +77 +631 Member bank reserve balances 5 >589 +2S1 +6S9 Treasury cash and deposits with F.R/banks 3,232 -3^5 +230 Konmember deposits and other F,R. accounts 512 -1 -5 B (B-S01) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 3*1936; not earlier. B~S01a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAHKS COMBINED (In thousands of dollars) July 1,1936 June 2^,1936 July 3, 1935 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . . . . . .. g,1065Ul 7,95S,0^2 6,226,221 t Redemption fund - F. R. notes . . . .. 12,9^9 12,364 22,SSI Other cash . . . .. 266,238 272,SHU 2l6 175 y Total reserves . . 3S572S 8,243,250 6,465,277 t Bills discounted: Secured by U.S.Gov't obligations,direct and/or fully guaranteed 2,006 3,9^5 5,324 Other bills discounted . 2.215 2.204 2.987 Total bills discounted . . . . , 4,221 6,189 2,371 Bills bought in open market . . . , 3,077 3,077 4,687 Industrial advances . . .. • • . . 29.7S5 29,936 27,904 U. S. Government securities: Bonds 1 315.673 315,678 292,743 Treasury notes . , 1,494,218 1,494,199 1,533,137 Treasury bills . 620.337 620,357 604,879 Total U.S. Government securities 2,430,228 2,430,234 2,430,759 Other securities . < 181 181 Total bills and securities . . • 2,467,492 2,469,617 2,471,721 Duo from foreign banks • 237 237 636 F. R. notes of other banks « . . . , 20,020 15,392 17,940 Uncollected items . . , 678,636 551,560 527,436 Bank premises . 48,051 48,052 49,239 AH other assets • • • • . . • . ., ^2,331 38,813 44,652 TOTAL ASSETS 11,642,495 11,366,921 9,577,501 L I A B I L I T I ES F. R # notes in actual circulation 4,046,086 3,920,018 3,299,260 Deposits: Member bank - reserve account # 5,5*59,134 5,307,954 4,899,723 U # S.Treasurer - General account # 731,016 929,072 181,686 Foreign bank # . # . 55,192 56,25s 25,700 Other deposits . • . 201,277 195,677 286,484 Total deposits . . . .. 6,576,619 6,488,961 5,393,593 Deferred availability items 673,759 •549,671 531,S50 Capital paid in . . . . . . . 130,947 130,879 146,570 # # # # # Surplus (Section 7) . . . . 145,501 145,501 144,S93 Surplus (Section 13 b) . . 26,513 20,870 Reserve for contingencies 34,117 30,777 All other liabilities . .. . 2,953 11.262 9,088 TOTAL LIABILITIES 11,642,495 11,366,921 9,577,501 Ratio of total reserves to deposit and F, R. note liabilities combined . . . 72.7$ Commitments tomake industrial advances 23,270 24,452 20,844 •Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AHD LIABILITIES OP THE FEDERAL BESEKVE EASES OH JULY ; I, 1936 (In thousands of dollars) B-801b A S S E TS Total Boston Hew York Phila. Cleve. Bich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran Gold certificates on hand and due from U. S. Treasury 8,106,541 501,699 3,089,972 382,281 593,900 257,131 224,709 1,708,983 239,23s 170,529 228,915 164,97s 538,206 Redemption fund - F.fi. notes 12,949 2,114 1,281 1,119 . 686 618 1,705 825 920 231 1,000 417 2,033 Other cash 266,238 27,452 70,202 37,349 24,317 15,348 9,957 32,101 11,135 6,732 13,875 5,791 11,979 Total reserves 8,385,728 531,265 3,l6l,455 426,7^9 618,903 273,097 236,371 1,7^1,909 251,293 177,492 243,790 171,186 552,218 Bills discounted: Secured by U.S.Gov'1 obligations direct and/or fully guaranteed 2,006 520 1,059 280 25 27 — — 25 — 50 20 Other "bills discounted 2,215 76 1,569 13 52 21 6 35 ~~~~ss66 349 8 Total "bills discounted 4,221 596 2,628 280 38 79 21 31 35 86 399 2S Bills "bought in open market 3,077 224 1,095 316 293 120 108 384 S7 61 86 86 217 Industrial advances 29,7S5 2,869 7,327 5,160 1,735 3,617 732 2,104 555 1,355 1,009 1,644 1,678 U.S. Government securities: Bonds 315,673 21,006 85,802 27,431 30,629 16,628 12,776 37,553 16,876 11,249 15,96s 12,155 27,600 Treasury notes 1,494,218 99,429 4O6,I45 129,844 144,977 7S,707 60,474 177,757 79,SS6 53,244 75,580 57,530 130,645 Treasury "bills 620,337 4l,27S l6S,6l4 53,905 60,189 32,676 25,106 73,797 33,165 22,105 31,379 23.SS5 54,238 Total U.S.Gov't securities 2,430,22s 161,713 660,561 211,180 235,795 128,011 9S.356 289,107 129,927 86,598 122,927 93,570 212,483 Other securities 181 — — — — — — — 1S1 — — Total "bills and securities 2,467,492 165,402 671,611 216,936 237,S61 131,827 99,217 291,595 130,600 88,049 124,289 95,699 214,4o6 Due from foreign "banlcs 237 IS 91 23 22 10 S 28 4 3 7 , 7 16 F. E. notes of other banlcs 20,020 34I 5,597 7S9 1,313 1,043 1,293 2,821 1,513 1.3S0 1,831 423 1,676 Uncollected items 672,636 74,192 192,671 53,624 70,207 51,689 IS, 12? 88,357 25,025 18,366 33,051 21,229 32,096 Bank premises 4s,051 3,113 10,251 5,oso 6,525 2,919 2,284 4,830 2,452 1,531 3,360 1,526 3,5SO All other assets 42,331 308 31,239 3,54s 1,762 1,095 1,519 797 340 388 469 325 491 TOTAL ASSETS 11,642,495 77^.639 ^,073,565 706,749 936,593 46i,6so 35S,S2l 2,130,337 411,227 227,209 406,797 290,395 804,463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AHD LIABILITIES OF THE FEDERAL RESERVE BAMS OH JULY 1, 1936 (In thousands of dollars) B-SOlc L I A B I L I T I ES Total 3oston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Hans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,o46,os6 366,905 S33,84i 303,232 389,266 187,295 ISO,431 922,777 175,222 122,756 151,996 87,794 323,911 Deposits: Member bank - reserve account 5,539,13^ 271,160 2,3^2,709 286,182 1+10,830 178,282 117,5H 1,034,79s 162,561 104,726 183,006 138,433 358,936 U.S.Treasurer - General account 731,016 33,^07 402,778 24,312 27,908 25,^00 24,803 30,995 27,690 27,71^ 26,66s 27,050 52,291 Foreign "bank 55,192 ^,132 19,7^8 5,192 5,136 2,^57 1,95^ 6,476 1,675 1,3^0 1,611 1,619 3,852 Other deposits 201,277 158,065 2,758 3,389 2,586 8,093 M71 51U 2,519 11.208 Total deposits 6,576,619 311,146 2,923,300 317,733 446,632 209,528 147,843 I,, 074,855 200,024 138,051 211,599 169,621 426,287 * Deferred availability items 673,759 72,993 192,623 52,676 69,253 49,550 17,296 89,418 2—5,^853 17,204 33,507 22,031 31,355 i\ Cepital paid in 130,947 9,369 50,967 12,283 12,635 4,709 ^,235 12,057 ,767 2,977 3,955 3,806 10,187 Surplus (Section 7) 145,501 9,902 50,825 13,406 14,371 5,186 5,6i6 21,350 ,655 3,ll6 3,613 3,783 9,645 Surplus (Section ljb) 26,513 2,874 7.7J* ^,231 1,007 3,44s 75^ 1,391 546 1,003 1,142 1,252 1,121 Reserve for contingencies 3^,117 1,^13 8,849 3,000 3,111 1,279 2,519 7,573 894 1,456 846 1,328 1,849 All other liabilities 8,953 37 5,4i6 188 31s 85 127 916 206 i ll m ISO 128 TOTAL LIABILITIES 11,642,495 774,639 ^,073,565 706,7^9 936,593 461,680 358,821 2,130,337 ^11,227 287,209 406,797 290,395 804,483 Commitments to make industrial advances 23,870 2,773 9,39^ 282 1,453 2,332 289 78 1,760 93 4o6 53s 4,472 MATURITY DISTRIBUTION OF BILLS MID SECURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days Over o months 6 months Bills discounted 4,221 2,500 650 52 660 359 Bills "bought 3,077 270 763 16 2,028 Industrial advances 29,785 1,482 261 561 647 2,241 24,593 U. S. Government securities 2,430,22s 28,225 28,827 60,415 123,716 378,898 1,810,147 Other securities 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JULY 1, 1936 (In thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R. bank by F.R.agent 4,30M59 381,802 92^,920 315,^ *+02,068 196,U6l 198,262 952,647 182,189 127,807 164,272 95,863 362,29U Held by Federal Reserve bank 257,973 14,897 91,079 12,242 12,802 8,566 17,831 29,870 6,907 5,051 12,276 8,069 38,383 In actual circulation 4,046,086 366,905 833,841 303,232 339,266 187,895 180,431 922,777 175,282 122,756 151,996 87,79^ 323,911 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,271,523 396,000 993300,,770066 301,000 402,500 192,000 170,685 995566,,000000 169,632 125,000 165,000 96,000 336677,,000000 Eligible paper 2,744 596 1,322 105 38 79 21 — 31 35 80 349 28 U. S. Gov't securities 67,000 — — 15,000 — 5,000 30,000 — 13,000 4,ooo — — — Total collateral 4,341,267 396,596 932,088 316,105 402,538 197,079 200,706 956,000 182,663 129,035 165,080 96,3^9 367,028 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis